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Obama Bucks GOP, OKs Consumer Watchdog

Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray as the nation's chief consumer watchdog despite strong Republican opposition.

WASHINGTON — Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray as the nation's chief consumer watchdog despite strong Republican opposition.

With a director in place, the Consumer Financial Protection Bureau will be able to start overseeing the type of financial companies often blamed for practices that helped send the economy into a downward spiral.

Obama's end run around the Senate is likely to cause an uproar among Republicans in Congress.

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The White House contends the Senate's "pro forma" legislative sessions are a gimmick and therefore Obama has the power to make the short-term appointment. Cordray would serve for at least the next two years.

The officials spoke on condition of anonymity ahead of Obama's planned announcement in Ohio later Wednesday.

A group of 37 state and territorial attorneys general sent a letter to U.S. Senate leaders endorsing former Ohio Attorney General Richard Cordray as the director of the Consumer Finance Protection Bureau.
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